Noah Holdings Limited

Good day and welcome to the NOAA Holdings Limited second quarter 2021 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touchstone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Ms. Jimbo Wong, CFO. Please go ahead.

Jimbo Wong, CFO. Pan Qing introduced the financial information of Jibo to everyone, and the last is the interactive Q&A. Under the constant adjustment of supervision, the cost of integration in the financial industry has risen significantly. Integration is the lifeline of financial enterprises. After eight seasons of transformation, Luo Ya not only has zero growth in non-standard new products, but also completed 100% of the stock of new products in this season, which is pre- or normal withdrawal. Since this transformation, a total of 3.2 billion non-standard new products have been withdrawn and distributed to customers. For today's teleconference agenda, I will first report on NOAA's overall performance in the second quarter of 2021, the development of major business segments, and the progress of our key strategic projects. Next,

I will walk you through NOAA's changes and strategies from product-driven to client-oriented. Then we will invite our CFO, Mr. Ching Pan, to introduce the quarterly financial information, followed by a Q&A. With the continuous adjustment of regulations, the compliance cost of the financial industry has increased, while compliance has become a matter of life and death for financial institutions. After an eight-quarter transformation, NOAA has not only distributed zero new non-standardized private credit products, but also 100% completed the early or unscheduled redemption of private credit assets in our AOM in this quarter. Since the transformation, NOAA has exited the $32 billion of private credit products and completed distribution to clients. In the first half of 2021, with the promotion of the NOAA Triangle Service Model, we achieved the fastest growth in our diamond and black card clients since the transformation. With the strong support of our clients and the efforts of all NOAA employees, we have completed the transformation and maintained a year-on-year steady growth in the second quarter.